Japan’s MUFG, World’s Fourth Largest Bank, to Launch Cryptocurrency

The fourth largest bank in the world will be testing out its own cryptocurrency this yea: MUFG Coin

Japans biggest lender, and the world's fourth-largest bank, Mitsubishi UFJ Financial Group (MUFG) will be rolling out its own cryptocurrency this year. Referred to as the MUFG Coin, it aspires to provide its users with a borderless transaction system for shoppers.

MUFG also seeks to find more ways to implement the coin across its banking services. While also seeking to apply blockchain technology to streamline products across the organisation.

With the MUFG Coin, users will be able to make rapid payments to “restaurants, convenience stores and other shops, as well as make transfers ‎to the accounts of other participants,” According to company's spokesperson.

MUFG is currently cutting it close to the one-year anniversary of it joining the ‘Utility Settlement Coin', a blockchain-based system which allows for transactions between its users seamlessly and rapidly.

The USC also allows its users to form their own cryptocurrencies, process and finalize transactions using collateralized assets on a custom-‎built blockchain.‎

The decision on MUFG's side to embrace cryptocurrency demonstrates one of the largest organisations in the Asian continent to get involved with blockchain and cryptos.

As the largest non-Chinese lender in the continent, it's an exciting prospect, allowing other banks to see how plausible cryptocurrencies would be on a transnational level. MUFG's Coin trial will be made accessible to over 100,000 customers.

Recently, MUFG has been working closely with Ripple's banking group, Global Payments Steering Group (GPSG), with the collaboration hoping to test the success of RippleNet in taking transactions via its blockchain.

The MUFG Token will be worth one Yen per token. Major technology firms, including Rakuten and Facebook more recently, have considered Cryptocurrencies.